Ghana Treasury bills · auction of 20 May 2019
Ghana T-bill auction, 20 May 2019: 364-day at 18.01%, down 2 bps
At the Treasury bill auction dated 20 May 2019, the Bank of Ghana cleared the 91-day bill at 14.92% (up 5 basis points), the 182-day bill at 15.47% (up 11 basis points) and the 364-day bill at 18.01% (down 2 basis points). The rate shown is the weighted average interest-rate equivalent.
Bids totalled GHS 661m and GHS 608m was accepted, 92% of what was bid.
Over the past year the 364-day rate has ranged from 16.57% to 18.28%.
What this means for GHS 10,000
Worked from the published rate · information, not advice
GHS 1,801 in 12 months on the 364-day bill
Put GHS 10,000 into the 364-day bill at this auction and you get back GHS 11,801 after 12 months: GHS 1,801 in interest before any withholding tax, about GHS 150 a month.
That is GHS 2 less than the same money would have earned at the previous auction.
For shorter money: GHS 773 on the 182-day bill (6 months), GHS 373 on the 91-day bill (3 months).
The government pays the full amount at maturity; the risk is Ghana’s government not paying, and the money is locked until then.
Results
By tenor
| Tenor | Rate | Previous | Offered | Bids | Accepted |
|---|---|---|---|---|---|
| 91-day | 14.919% | 14.871% | — | GHS 389m | GHS 350m |
| 182-day | 15.467% | 15.354% | — | GHS 92m | GHS 80m |
| 364-day | 18.006% | 18.026% | — | GHS 179m | GHS 178m |
Source: Bank of Ghana result · weighted average interest-rate equivalent
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Afronomics (2026). Ghana Treasury bill auction, 20 May 2019, compiled from the Bank of Ghana. Retrieved 5 October 2026, from https://www.afronomicsfeed.com/markets/tbills/ghana/2019-05-20
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